UAE’s Union National Bank Posts 22% Rise in H1 Profit

United Arab Emirates’ (UAE) Union National Bank Sunday reported 22% increase (AED 878.7 Million) in profit for the first half of the year compared to AED 720.3 Million for the same period last year. The bank, jointly owned by the governments of Abu Dhabi and Dubai, posted an increase in profit of 23.2% (AED 418.9 Million) for the second quarter of 2011 compared to AED 340 Million in the corresponding period last year. The operating profit for the six-month period ended this June 30 was AED 1,105.5 Million (H1-2010: AED 944.4 Million), an increase of 17.1% compared to that for the corresponding period in the previous year. Commenting on the results, Union National Bank CEO Mohammad Nasr Abdeen said, “The bank continues to follow a prudent strategy as per plans, with a strong focus on its core lines of businesses. The financial performance remains satisfactory amid the continuing challenging and uncertain market conditions. The bank has continued to further strengthen its financial position as is evident from its sustainable profitability, adequate liquidity position, satisfactory asset quality and strong capital position.” (QNA)